Former FTX CEO SBF Faces Possibility of Extradition to US for Questioning

Amidst speculation over Sam Bankman-Fried’s whereabouts, the authorities are mulling over extraditing the former CEO of the bankrupt crypto exchange, FTX, back to the United States.

According to the latest Bloomberg report, law-enforcement officials in the US and Bahamas have been engaged in talks over SBF as they investigate his role in FTX’s implosion. People familiar with the matter said that Bankman-Fried has been cooperating with Bahamian authorities.

  • The Bahamian securities regulators and financial investigators have launched a probe into the fall of FTX and are looking for potential criminal misconduct by its operators.
  • Even though none of the execs, including SBF, have been charged with anything yet, many speculate that his behavior, as well as FTX’s business practices, demonstrated fraud.
  • A former deputy attorney general believes the US Justice Department, which recently opened an investigation into the matter, could bring criminal charges against the once-crypto billionaire.
  • The potential extradition development comes after reports of the disgraced exec running off to South America surfaced. FlightRadar24 tweeted last week that SBF was flying from Nassau to Argentina.
  • But Argentina does not make for an ideal destination to evade authorities in the US. SBF later told Reuters that he is still in the Bahamas.
  • It was also reported that the SBF, along with FTX co-founder Gary Wang and director of engineering Nishad Singh, was in the Bahamas “under supervision” by the local authorities.
  • Bankman-Fried stepped down as the chief executive of the FTX group as part of a bankruptcy filing. He apologized to users and vowed to make them “whole.”
  • On Tuesday, he posted that he was meeting with regulators and wanted to help FTX customers.
  • Bitcoin bull and executive chairman of MicroStrategy lashed out at Bankman-Fried for lobbying against “all of the virtues of the industry,” including bitcoin, by leveraging counterfeit finances and bribing certain individuals.

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newsby.top • 2022